In his letter Cowdery calls on the Chancellor to attach a “social charter” to banks participating in the Government package, requiring them to clarify arrears policy, provide credit to low-income households and direct customers to financial advice services to resolve their problems.

He also calls for banks to commit £50m to help fund advice services like Citizens Advice, National Debtline and the FSA’s helpline.

Cowdery writes: “The next 12 months will be challenging for all, but the economic crisis is hitting households on low incomes the hardest. Banks play a pivotal role and I respectfully suggest that a social charter be attached to your offer of public support.”

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